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mpc: 10 There was not yet much evidence about US growth prospects in the second quarter. The Institute for Supply Management's manufacturing and non-manufacturing indices had eased back a little in April, but the most recent non-farm payroll data had been strong. At present, it still seemed likely that growth would be around its trend rate during 2005. One uncertainty was what the impact of higher energy prices would be on demand. In the meantime, inflation had edged up on most of the main measures, including the FOMC's preferred `core' personal consumption expenditure deflator measure.